A new home for investments and pensions

Following its purchase by Nationwide in October 2024 Virgin Money is focusing on growing and improving core banking services and has decided to sell its investments and pensions business.

You don’t need to do anything – your account will continue as normal. If we’re already working on something for you, you don’t need to contact us, it will all go ahead as planned. However, you could check that you know your sign-in details for Online Service – you may need to enter them again after the change.

You’ll have set up your username and password when you opened your Stocks and Shares ISA, Investment Account or Pension, or registered for the latest version of Online Service. Check to see if you’ve saved them to your password wallet or browser.

If you’re not sure what they are you can reset them when you sign in. You can do this at any time.

Most things will stay the same, including charges and your account number, but you’ll notice a few changes to names and branding. You can find more details in the letter we sent you in November.

Read the letter for Stocks and Shares ISA
Read the letter for Investments
Read the letter for Pensions

Octopus Money are buying the Virgin Money investments and pensions business only. That’s Stocks and Shares ISA, Investment Accounts and Pensions. It doesn’t affect Virgin Money banking, cash savings, mortgages, credit cards, insurance products or other Virgin Money accounts.

Absolutely. Your investments and pensions are protected in exactly the same way, with FSCS (Financial Services Compensation Scheme) protection up to £85,000.

Online Service will be unavailable from 5pm on Friday 28 November. You can call us on the Saturday but we won’t be able to access your account during this time. From Monday 1 December the website and app will be rebranded as Octopus Money Direct. It will look different, but everything will work exactly as it did before. You can use your existing details to sign in, view your documents and make changes to your account just as before.

Octopus Money Direct is a brand name of Octopus Money, part of the Octopus Money group. For more about Octopus Money, head to octopusmoney.com.

The main difference from 1 December will be the names and branding you’ll see on the website, app, Terms, Privacy Policy and any letters or emails from us, which will have Octopus branding where you used to see Virgin Money. But the way everything works, including your sign-in details and PIN number, as well as our contact details, remain the same.

If for any reason you’re not happy, you can transfer your account to another provider at any time. For a Stocks and Shares ISA or Investment Account you could also withdraw your money to close your account. However, you should consider the tax implications. You may be subject to Capital Gains Tax on withdrawals from your Investment Account. You'll also lose the tax-efficient status of money withdrawn from your ISA unless you transfer it directly into another ISA.

We'll put a letter with all the information you need in your Document library by the middle of November. You'll also receive a copy in the post if you normally get letters from us. Or you can read a version of the letter now:

Read the letter for Stocks and Shares ISA
Read the letter for Investments
Read the letter for Pensions

From 1 December our funds will have Octopus names, but there are no changes to the way they work, or how they invest.

There’ll be no change to Direct Debit amounts or collection days. The only change you’ll see is that payments after 1 December 2025 will show as Octopus Money on your bank statement. If somebody else makes Direct Debit payments into your pension, we’ll write to them to confirm this.

Plans to develop services will be shared in time. Your feedback and suggestions are very important in shaping future plans – if you’d like to get involved please consider joining the Octopus Money Direct customer panel.

No, your account charges and investment Annual Management Charges will stay the same.

Online Service and the app will be unavailable while we rebrand from 5pm on Friday 28 November until the morning of Monday 1 December.

If you’ve already told us that someone’s died, you don’t need to do anything else. If you need to notify us, please call us on 03455 28 88 88.

Yes, if you opened your account before January 2023, you can call or write to us if you wish. If you send us a cheque after 1 December please make it payable to Octopus Money Direct. 

However, it's quicker and safer to use Online Service - visit the register page for info.

From 1 December your data will be managed in line with the updated Privacy Policy Link opens in a new window which reflects that your personal information will be held by Octopus Money Direct and shared with Octopus Group, not Virgin Money Group.

The same security measures will apply to your account with Octopus Money Direct. Your sign-in details stay the same (unless you choose to change them), and we use a two-factor authentication process to check it’s you whenever you sign in.